Section 360N | Balancing events ^F1

(1)The following are balancing events for the purposes of this Part—

(a)the relevant interest in the qualifying building is sold;

(b)a long lease of the qualifying building is granted out of the relevant interest in consideration of the payment of a capital sum;

(c)if the relevant interest is a lease, the lease ends otherwise than on the person entitled to it acquiring the interest reversionary on it;

(d)the person who incurred the qualifying expenditure dies;

(e)the qualifying building is demolished or destroyed;

(f)the qualifying building ceases to be qualifying business premises (without being demolished or destroyed).

(2)Section 360I(2) and (3) (meaning of “long lease”) applies for the purposes of subsection (1)(b).